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blankfein, the man at helm of goldman sachs. a man on the deficit reduction committee and voted against simpson-bowles will tell us why he didn't like it and what he wants to hear in tonight's vp debate. oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your
control. president obama hasn't had a budget in four years. we have seen $4 trillion deficits under his lack of leadership with our debt reaching $16 trillion. and as you know, if we stay on this path, by the end of his second term, should he be re-elected, it would be $20 trillion. that's unacceptable. >> is there a way to say that within the framework of what simpson/bowles are now providing, this time with the involvement of a lot of the nation's ceos? >> well, governor romney and paul ryan, like i said, have laid out a plan, not just to bring spending under control, but to reform our tax code, get people working again. because with more people in the work force, we'll be able to generate more income and that will be more money coming in. as you know, right now with 23 million americans struggling for work, many of those underemployed, they can't get good jobs. the amount of income we need just isn't coming in. >> yeah. but what i hear you saying is that it's going to be on your terms from your plan. it's not going to be in any way trying to embrace a revamped simpson/bowles. we know
depending on which way the electorate goes, you're going to see the deficit reduced either by tax increases or public spending cuts or a bit of both. and i do think the intrenched positions you've had the last year and a half will in the send cause someone to blink, either the administration or congress because ultimately neither will want to push the u.s. into an unnecessary recession next year. the answer is, yes, i expect some compromise. may seem foolish given the behavior of washington in the last few quarters. but having said that, i do think you're going to see some compromise. and ultimately, although it has hurt the market, it won't be too much of a negative going into next year. >> some may argue the more important elections in the next few weeks are the spanish regional elections on the 21st, which may trigger or allow spain to then ask for a bailout. do you think that's the event to watch as opposed to -- earnings season is great, it's not going to be a headwind in your view. but do we really need spain to request a bailout in order for us -- the equity markets to move higher he
to hit our deficit targets. well, time is money. they have to borrow every single day. if they can't pay the bills, the money has to come from somewhere. so if it is going to be two years more before they balance the budget, somebody has to fill the hole. it doesn't mean the germans or the rest of europe will write the check. what a lot of individuals believe will happen is there will be a back door bailout via the ecb. remember, greece still owes the ecb 25 billion euros roughly over the next three years that really like the ecb to delay receiving payment. that's not going to happen. at least it is highly unlikely. what's likely to happen, carl, is greece to going to go to the short-term markets. they're going to issue t bills or short-term notes and their banks will buy them and bring them to the greek central bank and the greek central bank will bring them to the ecb and they will be paid back with the very money they're giving back to the greeks. it will be a big circle covering 25 billion euro hole over the next three years. did germany write that check? no. they're going to bear a
deficits and gdp, it's a good number and we still have jolts coming up in five minutes. melissa lee back to you. >> thank you very much, rick santelli. let's take a check on the markets, not too much of a market reaction as for now. the s&p 500 holding steady at 1,439, the dow down by 39 points and the nasdaq eeking out a gain by 0.3 of a point. we are seeing weak innocence energy. oil prices are higher but we have weakness in the energy shares down by 0.9%. probably pressured by the chevron warning that came out yesterday after the bell. >> let's get to the road map for the next hour. is the consumer back on top and here to stay? costco beating the street's estimates as fourth quarter earnings up 27% on some higher membership fees while yum! brands brushes off some of the china fears. >> walmart going straight for amazon's jugular in time for the holiday season. it will launch same-day delivery for goods purchased online so as the rivalry grows, who will come out on top? >> toyota recalling nearly 7.5 million vehicles around the world. u.s., japan, europe and else where, on the basis of
Search Results 0 to 4 of about 5